Mar 31, 2014
I. Basis of Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and are generally in accordance with the
requirements of the Companies Act, 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounting principles.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basts.
iii. Investments
Investments are stated at cost.
iv. Tangible Assets
Tangible Assets are stated at cost less depreciation. Cost of
acquisition, fabrication or construction is inclusive of freight,
duties and other incidental expenses during construction period but
excludes the modvat credit available on the capital goods.
v. Impairment of Assets
Impairment loss is provided when carrying amount of assets exceeds
recoverable value. Excess of carrying amount over recoverable value is
charged to Profit & Loss Account. Recoverable value is the higher of
an asset''s net selling price or its value in use.
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Schedule XIV of the Companies Act, 1956 on pm rata basis
for the period of use.
vii. Valuation of Inventory
Inventories are valued at the lower of cost and estimated realizable
value. Cost of Inventories is computed on weighted average/FIFO basis.
Finished goods and work-in-progress include costs of conversion and
other costs incurred in bringing the inventories to their present
location and condition. However the Company did not hold any
inventories during the current year.
viii. Retirement Benefits
Liability in respect of gratuity is calculated by management and
provided in books accordingly.
ix. Taxes on Income
Current tax is provided after allowing exemptions and deductions under
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing differences, being the difference
between taxable incomes and accounting income that originate in one
period and is capable of reversal in one or more subsequent period.
Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognized only if there is virtual certainty
of realization of such assets. Other deferred tax assets are recognized
only if there is reasonable certainty of realization in future.
Mar 31, 2013
I. Basis of Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and are generally in accordance with the
requirements of the Companies Act, 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounting principles.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis.
iii. Investments
Investments are stated at cost.
iv. Tangible Assets
Tangible Assets are stated at cost less depreciation. Cost of
acquisition, fabrication or construction is inclusive of freight,
duties and other incidental expenses during construction period but
excludes the modvat credit available on the capital goods.
v. Impairment of Assets
Impairment loss is provided when carrying amount of assets exceeds
recoverable value. Excess of carrying amount over recoverable value is
charged to Profit & Loss Account. Recoverable value is the higher of an
asset''s net selling price or its value in use.
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Schedule XIV of the Companies Act, '' 1956 on pro rata
basis for the period of use.
vii. Valuation of Inventory
Inventories are valued at the lower of cost and estimated realizable
value. Cost of Inventories is computed en a weighted average / FIFO
basis. Finished goods and work-in-progress include costs of conversion
and other costs incurred -<- bringing the inventories to their present
location and condition. However the Company did not hold any
inventories during the current year.
viii. Retirement Benefits
Liability in respect of gratuity is calculated by management and
provided in books accordingly.
ix. Taxes on Income
Current tax is provided after blowing exemptions and deductions under
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period.
Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognized only if there is virtual certainty
of realization of such assets. Other deferred tax assets are recognized
only to the extent that there is reasonable certainty of realization in
future.
Mar 31, 2011
I. Basis of Accounting: The financial statements are prepared under the
historical cost convention on accrual basis and are generally in
accordance with the requirements of the Companies Act, 1956. The
accounting policies not specifically mentioned are consistent with
generally accepted accounting principles.
ii. Revenue Recognition: the company follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis.
iii. Investments: Investments are stated at cost.
iv. Fixed Assets :Fixed Assets are stated at cost less depreciation.
Cost of acquisition, fabrication or construction is inclusive of
freight, duties and other incidental expenses during construction
period but excludes the modvat credit available on the capital goods.
v. Impairment of Assets: Impairment loss is provided to the extent that
carrying amount of assets exceeds their recoverable amount. Recoverable
amount is the higher of an assets net selling price or its value in
use.
vi. Depreciation: The Company is providing depreciation on straight
line method as per rates given in Schedule XIV of the Companies Act,
1956 on pro rata basis for the period of use.
vii. Valuation of Inventory: Inventories are valued at the lower of the
cost and estimated realizable value. Cost of Inventories is computed on
a weighted average / FIFO basis. Finished goods and work-in-progress
include costs of conversion and other costs incurred in bringing the
inventories to their present location and condition. However the
Company did not hold any inventories during the Current year.
viii. Retirement Benefits : Liability in respect of gratuity is
calculated by management and provided in books accordingly.
ix. Taxes on Income: Current tax is provided after allowing exemptions
and deductions under the Income Tax Act, 1961. Deferred Tax is
recognized subject to the consideration of prudence, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent period. Where there is unabsorbed depreciation or
carry forward losses, deferred tax assets are recognized only if there
is virtual certainty of realization of such assets. Other deferred tax
assets are recognized only to the extent that there is reasonable
certainty of realization in future. NOTES ON ACCOUNTS
Mar 31, 2010
1. Accounting Conventions
I. Basis of Accounting - The financial statements are prepared under
the historical cost convention on accrual basis and are generally in
accordance with the requirements of the Companies Act, 1956. The
accounting policies not specifically mentioned are consistent with
generally accepted accounting principles.
ii. Revenue Recognition - The company follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis.
iii. Investments- Investments are stated at cost. tv. Fixed Assets -
Fixed Assets are stated at cost less depreciation. Cost of acquisition,
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period but excludes the modvat
credit available on the capital goods.
v. Impairment of Assets - Impairment loss is provided to the extent
that carrying amount of assets exceeds their recoverable amount.
Recoverable amount is the higher of an assets net selling price or its
value in use.
vi. Depreciation - The Company is providing depreciation on straight
line method as per rates given in Schedule XIV of the Companies Act,
1956 on pro rata basis for the period of use. However during the year
no depreciation has been provided as fixed assets are not in use.
vii. Excise Duty - The refunds of excise in the form of Modvat credit
available on inputs of materials as per Excise laws are deducted from
the cost of the materials and accordingly closing stock of input
materials are valued.
viii. Valuation of Inventory - Inventories are valued at the lower of
the cost and estimated realizable value. Cost of Inventories is
computed on a weighted average / FIFO basis. Finished goods and
work-in-progress include costs of conversion and other costs incurred
in bringing the inventories to their present location and condition.
However the Company did not hold any inventories during the current
year.
ix. Retirement Benefits - Liability in respect of gratuity is
calculated by management and provided in books accordingly.
x. Borrowing Cost - Borrowing Costs attributable to acquisition and
construction of qualifying assets are capitalized as a part of the cost
of such asset up to the date when such assets are ready for intended
use. Other borrowing costs are charged to the Profits. Loss Account.
xi. Taxes on Income - Current tax is provided after allowing exemptions
and deductions under the Income Tax Act, 1961. Deferred Tax is
recognized subject to the consideration of prudence, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent period. Where there is unabsorbed depreciation or
carry forward losses, deferred tax assets are recognized only if there
is virtual certainty of realization of such assets. Other deferred tax
assets are recognized only to the extent that there is reasonable
certainty of realization in future.
Mar 31, 2009
I. Basis of Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and are generally in accordance with the
requirements of the Companies Act, 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounting principles.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis.
iii. Investments
Investments are stated at cost.
iv Fixed Assets
Fixed Assets are stated at cost less depreciation. Cost of acquisition,
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period but excludes the modvat
credit available en the capital goods.
v. Impairment of Assets
Impairment loss is provided to the extent that carrying amount of
assets exceeds their recoverable amount. Recoverable amount is the
higher of an assets net selling price or its value in use.
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Schedule XIV of the Companies Act, 1956 on pro rata
basis for the period of use. However during the year no depreciation
has been provided as fixed assets are not in use.
vii. Excise Duty
The refunds of excise in the form of Modvat credit available on inputs
of materials as per Excise Laws are deducted from the cost of the
materials and accordingly closing stock of input materials are valued.
viii. Valuation of Inventory
Inventories are valued at the lower of the cost and estimated
realizable value. Cost of inventories is computed on a weighted
average/FIFO basis. Finished goods and work-in-progress include costs
of conversion and other costs incurred in bringing the inventories to
their present location and condition.
ix. Retirement Benefits
Liability in respect of gratuity is calculated by management and
provided in books accordingly.
x Borrowing Cost
Borrowing Costs attributable to acquisition and construction of
qualifying qssets are capitalized as a part of the cost of such asset
upto the date when such assets is ready for its intended use. Other
borrowing costs are charged to the Profit & Loss Account. xi Taxes on
Income Current tax is provided after allowing exemptions and deductions
under the Income Tax Act, 1961 .Deferred Tax is recognised subject to
the consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
period. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognised only to the extent that there is reasonable certainty of
realisation in future.